Help! How soon can I get sued?

[debtmonster]

Wow... those are incredible stories. So they don't need to know your exact account #? They simply supply the bank your name/SSN and it's done? It seems like the best thing for me to do would be to open a checking account some place else and have money put in that way. I know some people that were able to open a checking account here without a SSN since they are immigrants. That would make it tougher to find them.

My problem is that I live in Florida and Florida only allows $2k worth of assets. That's just not going to do. Like I've said before, we have way too much stuff now. It's all expensive, but at flea market value it's worth 10 cents on the dollar. It would cost too much to replace after going bankruptcy. Can't we simply have the court send somebody over to assess values on everything themselves? What do you do when you declare that you have a bunch of furniture and what not. Does the court send a truck over to get it if you have over $2k in assets and then they auction it off? Or could I simply declare it all and as long as no creditors come looking for it, I get to keep it after the bankruptcy is over?

We had a $1200 sofa that we were only able to get $120 for. We bought a new $2,000 computer in December. Would we have to give that back or could we keep it? We have a home theater, $2,000 that we paid for our livingroom. Sure, we could sell all of this for pennies on the dollar... it took YEARS to get what we have. I want to just go bankrupt on our cars and a few things while keeping the stuff we use every day.

[systemslt]

Wow... those are incredible stories. So they don't need to know your exact account #? They simply supply the bank your name/SSN and it's done? It seems like the best thing for me to do would be to open a checking account some place else and have money put in that way. I know some people that were able to open a checking account here without a SSN since they are immigrants. That would make it tougher to find them.

My problem is that I live in Florida and Florida only allows $2k worth of assets. That's just not going to do. Like I've said before, we have way too much stuff now. It's all expensive, but at flea market value it's worth 10 cents on the dollar. It would cost too much to replace after going bankruptcy. Can't we simply have the court send somebody over to assess values on everything themselves? What do you do when you declare that you have a bunch of furniture and what not. Does the court send a truck over to get it if you have over $2k in assets and then they auction it off? Or could I simply declare it all and as long as no creditors come looking for it, I get to keep it after the bankruptcy is over?

We had a $1200 sofa that we were only able to get $120 for. We bought a new $2,000 computer in December. Would we have to give that back or could we keep it? We have a home theater, $2,000 that we paid for our livingroom. Sure, we could sell all of this for pennies on the dollar... it took YEARS to get what we have. I want to just go bankrupt on our cars and a few things while keeping the stuff we use every day.

home theater, $2,000 / sounds like a $300 stereo and a $400 TV to me. a $2000 computer / loses value fast $600

check your state and federal exemptions to see witch would be best for you . set up a free consultation with a lawyer to discuss your situation, maybe a chap 13 will work for you

get a wall mart "money card" its like a debit card that you can deposit money and pay bills. use for a month and get a new one.

http://www.floridabankruptcylaws.com/exemptions.html

[debtmonster]

What about our $2,000 bedroom set? If we did all of this, I know we would be WAY over the $2,000 limit. Let's say we do all of this and we come out to have $4,000 in assets at flea market value. Who's to say what we get to keep and what we get to lose? And if we lose anything, how does it go about getting taken away? Do we bring it to the court and drop it off? Do we well it and give the proceeds to the court? Does the court assign a truck to come by and take it all away? I know most people in Ch. 7 do it without a hitch. Our Sony 50" WEGA 1080p HDTV was $3200 new in 2005. What do you think we could put for it's value today? They have brand new ones out under $2,000 that are much better than ours. 3 year old electronics are worthless.

[systemslt]

What about our $2,000 bedroom set? If we did all of this, I know we would be WAY over the $2,000 limit. Let's say we do all of this and we come out to have $4,000 in assets at flea market value. Who's to say what we get to keep and what we get to lose? And if we lose anything, how does it go about getting taken away? Do we bring it to the court and drop it off? Do we well it and give the proceeds to the court? Does the court assign a truck to come by and take it all away? I know most people in Ch. 7 do it without a hitch. Our Sony 50" WEGA 1080p HDTV was $3200 new in 2005. What do you think we could put for it's value today? They have brand new ones out under $2,000 that are much better than ours. 3 year old electronics are worthless.

a new 05 1080p for $3200 i would have guessed around $6500


Sony 50" WEGA 1080p HDTV was $3200 new in 2005./ $400

can you do a chap 13? if so you keep every thing. but you must pay for the replacement value. over 36 or 50 months
$4000 / 50 months = $80 a month. there is a lot more to it than this if you make a lot of money you may end up having to pay back all debts over 50 months

[JoeBlow]

Offer to settle the debt for some small amount spread out over 5 years (all you can afford). I think they have a hard time suing if you are negociating with them in good faith. They will tell you to get lost as they only want a big lump sum. Collectors only want a lump sum because they are commission based and they have a 30-50% job turnover rate, so they won't be around to get paid on a payment plan.

[debtmonster]

Offer to settle the debt for some small amount spread out over 5 years (all you can afford). I think they have a hard time suing if you are negociating with them in good faith. They will tell you to get lost as they only want a big lump sum. Collectors only want a lump sum because they are commission based and they have a 30-50% job turnover rate, so they won't be around to get paid on a payment plan.

I never deal with collection agencies. I always send them a letter telling them to go away and then they stop calling and writing me. I don't have time to deal with their phone calls.

[JoeBlow]

But then they sue you.

I never deal with collection agencies. I always send them a letter telling them to go away and then they stop calling and writing me. I don't have time to deal with their phone calls.

[debtmonster]

But then they sue you.

They never have in like 15 years. I have had 5 or 6 repo's and $150,000+ in tons of credit card charge-off's.

Once you send them the letter, they're not supposed to have any further business with you. They have to return it back to the creditor.

Send the letters to them registered mail. I've used the letters like 30 times so far for me and friends and they have worked 100% of the time.

Right now my debt load is so high, I'd love to go bankrupt. I would do it immediately if I didn't have any assets. It would take too many years to get them all back again.

[HHM]

Every case is difference, some people can go years without being sued, some people get sued within 6 months of first default.

[debtmonster]

Yeah, I don't understand that. It could have been since I moved around a lot. Every 3-12 months I would move for jobs. I bounced around from area to area all over the country. But now I am a home owner with my new wife. She doesn't want to do that moving around crap.

If they want to try to take our house, let 'em. It's upside down and I hate living out here anyway. We're 30 miles away from anything. A processor server would have a hell of a time finding this place as nobody else ever can. And once you get out here, cellphones don't work for over 20 miles.

They can sue me all they want. I'd be happy to go to court and show the judge my latest bank statement.

[JeepMom]

They never have in like 15 years. I have had 5 or 6 repo's and $150,000+ in tons of credit card charge-off's.

Right now my debt load is so high, I'd love to go bankrupt. I would do it immediately if I didn't have any assets. It would take too many years to get them all back again.

Your assets don't appear to be yours. They appear to be the credit card companies.

I've never seen someone with as much gusto to brag about assets they haven't paid for.

It's sad they keep giving credit over and over and over again to you. You are abusing the system.

Seriously, you need to call up Edward Jones and ask for some of their free money education classes.

Also, I read in another post of yours your threatening to kill yourself. That's just friking stupid. Don't you know that suicide affects many people and your casual passing of it is quite rude and insensitive. It's a result of mental illness. You wouldn't say "Oh I wish I could get prostate cancer and die" would you?

Stop crying like a baby and do something proactive with your situation.